Stocks Close Mixed After Seeing Initial Weakness

After initially coming under pressure, stocks once again turned mixed over the course of the trading session on Friday. The major averages climbed well off their early lows, with the Dow turning positive.

The major averages closed on opposite sides of the unchanged line for the second straight day. While the Dow rose 33.76 points or 0.2 percent to a new record closing high of 21,830.31, the Nasdaq edged down 7.51 points or 0.1 percent to 6,374.68 and the S&P 500 slipped 3.32 points or 0.1 percent to 2,472.10.

For the week, the major averages also turned in a mixed performance. While the Dow jumped by 1.2 percent, the Nasdaq fell by 0.2 percent and the S&P 500 dipped by less than a basis point.

The initial weakness on Wall Street reflected a negative reaction to the latest batch of earnings news, including disappointing results from Amazon (AMZN).

Shares of Amazon moved to the downside after the online retail giant reported second quarter earnings that came in below analyst estimates.

Energy giant Exxon Mobil (XOM) also reported second quarter earnings that came in below expectations despite better than expected revenues.

On the other hand, semiconductor giant Intel (INTC) moved higher after reporting second quarter results that beat analyst estimates on both the top and bottom lines.

Concerns about the latest developments in Washington also weighed on the markets after Republicans failed in their latest attempt to repeal Obamacare.

The so-called “skinny repeal” failed by a vote of 49 to 51, with three Republican Senators joining with Democrats to stop the bill.

Selling pressure waned over the course of the trading session, however, as traders digested a Commerce Department showing economic activity increased in line with economist estimates in the second quarter.

The report said real gross domestic product climbed by 2.6 percent in the second quarter after rising by a downwardly revised 1.2 percent in the first quarter.

Economists had expected GDP to increase by 2.6…

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